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What is a Savings Account?

A savings account is provided by a bank as a safe place to store your money that you want to access at a later date. There are many benefits to storing your money in a savings account.

Savings Accounts…

  • Are often free to open or maintain
  • Earn interest, which is money the bank pays you for storing your money with them
  • Are a safe place to store your money
  • Let you store money for short or long periods of time
  • Come in all shapes and sizes designed to fit your particular financial needs

Saving money is an important part of financial well-being. Putting some of your money into a savings account makes your money to work for you and can provide a resource to draw on when unexpected expenses arise or can help you save up for larger planned expenses.

To see what a difference a regular savings plan can make, click here.

For more helpful Savings Account information, please see the links below:

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Financial Literacy Toolkit